The GBPJPY pair ended the last bullish rally by providing a new close below the barrier at 216.35, affected by stochastic exit from the overbought level and forming some corrective waves, to settle near 215.65.

 

Note that the neediness of the positive momentum might force it to provide more corrective attempts, forcing it to suffer some losses by reaching 214.85 reaching 214.15 level, while breaching the barrier and holding above it will open the way for recording extra gains that might extend in the initial period at 216.85 and 217.55.

 

The expected trading range for today is between 215.10 and 216.35

 

Trend forecast: Bearish